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Rio Rico Real Estate Market Facts

$122,400Median home price31% lower than Arizona

$819Median rent asked13% lower than Arizona

77.9%Home owners25% higher than Arizona

3.1People per home14% higher than Arizona

Above, you will see a summary of real estate in Rio Rico, AZ. On average, homes in Rio Rico, AZ cost $122,400, a value that is 31% lower than the average in Arizona. In general terms, this results in Rio Rico, AZ real estate being more affordable than Arizona real estate. On average, people who rent houses in Rio Rico, AZ pay $819; this value is 13% lower than the average amount renters pay in Arizona. 77.9% of Rio Rico, AZ residents own their own homes and, on average, each of the homes has 3.1 occupants. Rio Rico, AZ real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Rio Rico, AZ is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Rio Rico Home Affordability

$122,400Median home price31% lower than Arizona

$48,712Median home income5% lower than Arizona

2.5xHome price to income ratio27% lower than Arizona

It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Rio Rico, AZ. To estimate home affordability, one method is to use the ratio of home price to median household income. The Rio Rico, AZ’s median home price stands at $122,400 while $48,712 is the value of the average household income. The resulting home price to income ratio, which is 2.5x, differs from the Arizona average as the ratio is 27% lower than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Rio Rico, AZ are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Rio Rico, AZ.

Rio Rico Affordability Calculator

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Are you looking for real estate in Rio Rico, AZ? Be careful not to purchase a home outside of your budget. A home affordability calculator lets you input your income, down payment, and debts to figure out how much you can afford to spend on your new home. If you know further information, such as mortgage term and rate or insurance, taxes, and HOA dues, you can input that as well to get a better estimate of the total cost. The calculator will show you the maximum amount you can afford to spend on a home. With that number in mind, you can start looking for a home in Rio Rico, AZ and avoid homes that don’t fit in your budget to guard yourself from an emotional, yet costly, decision. Thanks to the home affordability calculator, you can also create a stronger budget plan. Once you know your housing costs, you can figure out how much money you should spend and how much money you can save.

Rio Rico Mortgage Calculator

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What will I pay monthly if I buy real estate in Rio Rico, AZ? Determining the monthly payment amount of a home is based on a number of different factors. Obviously, the most significant variable is the overall price of the house, but there are also other considerations to make such as homeowners insurance, the interest rate, amount of the down payment, property taxes, private mortgage insurance (PMI), and even home owner's association dues. A great way to eliminate the PMI is by paying 20% of the cost of the house as a down payment. The mortgage calculator is filled out with default values for these variables, but they can be reset to give you a more accurate payment amount. The best rule when it comes to house payments is that you want to keep your debt to income ratio at no more than 36%. This means paying no more than 36% of your monthly income on your housse and all other debt payments.

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